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CurAegis Technologies Inc (fka CRGS) RSS Feed

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DISCLAIMER:
This board is an independent website made possible by the good people at InvestorsHub. (See #msg-23860012.)
This board is not controlled by Torvec. This is not a Torvec website. That said, the Moderators DO own TOVC shares. INTERESTED INVESTORS SHOULD PERFORM THEIR OWN DUE DILIGENCE PRIOR TO INVESTING. 

CORPORATE PROFILE
CurAegis Technologies, Inc. was incorporated as a New York business corporation on September 25, 1996. The Company develops and markets advanced technologies in the areas of wellness, safety and power.  Currently, we are focusing on the commercialization strategies in the following technologies:
 

  (i) the CURA system which includes the myCadian™ watch which measures degradation of alertness and sleep attributes and the Z-Coach e-learning education and training tool and
 
  (ii) the Aegis hydraulic pump 
 
The myCadian™ watch consists of hardware and software that measures multiple metrics in order to establish that a person's ability to perform a task or job appears to be degrading. The Aegis hydraulic pump is designed with an innovative hydraulic design that delivers greater efficiencies and is smaller than currently offered products.  The Company has not had any significant revenue-producing operations.
 
CURA Division: the myCadian ™ watch, the CURA™ System, and Z-Coach™ e-learning
The Company’s CURA division is developing a proprietary technology and suite of products designed to (i) measure the decrease in a person’s alertness and (ii) to train individuals on how to improve alertness levels. The CURA™ system and the myCadian™ watch enable the user and third parties to anticipate and avert undesired or disastrous situations caused by the degradation of alertness. With the information provided from the CURA™ software analytics employees can work with Z-Coach, our proprietary sleep training and education solution to correct sleep issues and improve overall wellness.   
 
The myCadian™ watch is a wearable device developed using physiological monitoring hardware and our proprietary CURA™ (Circadian User Risk Assessment) software and detects a degradation of alertness in a user and reveals sleep and fatigue problems. The myCadian™ watch will contain an emergency notification function through the use of a panic button or in sensing a lack of motion which would generate a third party panic notification. The CURA™ system will include:
  - a proprietary tool that combines signal processing and pattern recognition to guide users and third parties about the alertness of the wearer,
  - a risk assessment that identifies the degradation of alertness potentially affecting the wearer’s ability perform tasks,
 
  - a comprehensive assessment for wellness, alertness and sleep,
 
  - real-time reporting that distills complex data into actionable information on mobile and desktop platforms,
 -
  - predictive reporting for a user to take action when alertness begins to wane-before fatigue becomes dangerous,
 
  - flexible settings to provide employers a customized CURA tool within existing safety definitions and to create protocols for a unique environment,
 
  - pricing that makes it affordable across a broad based workforce.
 
 
The Z-Coach e-learning tool was created by highly respected fatigue management scientists and was acquired by the Company in September 2015. The first of six Z-Coach e-learning modules, Z-Coach Aviation, has been designed for aviation professionals, from flight and ground crews, to scheduling, dispatch, administration and management. Z-Coach learning topics include: Risks and Costs of Fatigue, Fundamentals of Sleep, Fatigue Mitigation and Countermeasures. Z-Coach participants gain an awareness of the dangers inherent in the lack of sleep and learn to utilize lifestyle tools to make changes to improve their health, mood, productivity and safety. CurAegis Technologies plans to release five additional industry-specific versions of Z-Coach in conjunction with the launch of the CURA™ system and the myCadian™ watch. 
 
Aegis Division: Hydraulic Pump –  
The development of our hydraulic pump has taken on added significance in light of recent U.S. government emissions regulations for off road diesel engines. These regulations will require diesel engines to pollute less. To help achieve these new standards, companies are attempting to run diesel engines, and thus their hydraulic pumps, at lower rotational speeds. This requires larger displacement hydraulic pumps to be installed to compensate for the decrease in rotational speed. Among other advantages, the unique technology of our hydraulic pump allows a larger displacement pump to fit into the same or smaller footprint than that of existing pumps. This enables manufacturers to keep the current equipment layout without the need for expensive modifications to accommodate larger hydraulic pumps.
 
Our goal with the hydraulic pump technology is to give the marketplace a revolutionary new concept in hydraulic pumps and motors that will be:
 
  - smaller and lighter than conventional pumps and motors,
 
  - more efficient,
 
  - as reliable,
 
  - price competitive, and
 
  - unique in its ability to scale larger, allowing more powerful pumps and motors.
 
We are now ready to approach corporate industry leaders in the hydraulic pump market to propose a prototype for a specific application. In connection with this, we are hiring an experienced industry advisor for market introductions, discussions and presentations of this unique technology.
 
We will continue to design modifications to enhance the overall pump technology. We have filed for patent protection for our novel non-rotating group pump concept, and we are also working on additional patents as a result of engineering breakthroughs in our design process. Although there is still much to be done, we continue to be extremely encouraged by our testing. 

 

 




Positives: New CEO and CFO:  Richard A. Kaplan, Chief Executive Officer and Robert W. Fishback (Mr. Fishback is no longer with the company) were appointed the company's Chief Financial Officier. Three (3) members of the Board immediately offered their resignations.   On September 26, 2011 the company announced that local Rochester NY billionaire Tom Golisano had invested over $6.2M in the company and would be providing input to management and the BOD. A few weeks after the Golisano announcemnt, Hyundai has issued a PR citing collaboration wtih TOVC in testing on their Genesis model (http://www.autoblog.com/2011/10/14/supercharged-hyundai-genesis-hurricane-sc-to-bow-at-sema/ ).   The Gleasman family was responsible for the design and engineering behind the Torsen Differential.  Torvec's automotive engineering skill was recognized by the industry and the military (see May 5 CEO Update: http://www.torvec.com/messagefromceo050508.htm). Since the Torsen, the company has developed several other potentially revolutionary products in automotive engineering. Their newest products address market needs for greater fuel efficiency, lower cost, less weight and reduced emissions.  Torvec's technology holds the promise of giving American companies a competitive advantage in fuel efficiency, safety and the creation of a new class of vehicles - tracked vehicles with applications from border patrol, search and rescue and construction to a recreation. The company has announced that it is working with GM on various models including Cadillac. Recognition of their technological capabilities has come from the likes of NASA. Numerous patents and IP are held by and assigned to the company and its shareholders.


Concerns: Historically, there were a number of pink flags:  (#msg-42787201).   New CEO Dick Kaplan and Tom Golisano's role and bank-roll are looking to re-write the company's history

*  For long term investors, the new Series C stock heavily dilutes the company but at least it may bring with it accountability, timelines, credibility and commercialization events.

*  57% of the company stock is held by the Gleasman 's so control rests entirely in the hands of a very limited number of family members

*  Management has a history of moving the goalposts, painting rosy outlooks and optimistic projections.  Dick Kaplan seems to be addressing this previous problem.

*  Turnover in previous management teams has been an issue.  New management has recently been put in place by the Gleasman family.  Time will tell if this marriage works.  It's still a family controlled company.

*  The company is heavily engineering based. Sales, Marketing and Strategic Planning have not been successful as measured by the share price.  New management brings new hope.

* Expectations of numerous previous projects have fallen short::  "Ford Tracked Vehicle", Hilary Clinton involvement,   DARPA, Chery, Shanghai Automotive, Peng-Pu,  City of Chicago 'Green" initiative, EPA testing, Koenensigg, Nissan and NYS School Buses have frustrated investors in recent years.

*  Pending commercialization of their various technologies has been predicted since 2000 SEC filings.  CEO Updates, which use to tick the stock price northward, began to have less and less impact until finally, with a website redesign, they were dropped completelyand erased as a historical record of mis-achievement.  A classic,  the Dec 2008 CEO Update,  set expectations of one or more announcements of a "major development" and "watershed event" by or at the 2009 Annual Shareholders Meeting.  That never occurred

*  The company's IVT (infinitely variable transmission) technology does not appear presently to be a serious contender in spite of the "Perfect Storm" environment for fuel efficiency.  As of September 2008, the "Perfect Storm' which had oil prices above $150 per barrel has at least temporarily subsided.  This peak in fuel prices should have been accompanied by an commensurate peak in the valuation of some of the company's technology.  As the YTD share price graphic above indicates, that did not occur.

*  Until recently (October 2010), trading volume has been thin and hence volatile and only semi-liquid. With the announcement of Kaplan as CEO and Tom Golisano as investor and BOD member, both volume and share price have begun to recover.   Whether this is sustainable will be seen as new management and a new BOD takes control. 

*  Suggest new investors review a decade's worth of  SEC filings and over four years of CEO Updates found on the company's website.  


January 2010 Shareholders Meeting - unlike past years, no SEC filings were submitted regarding the specific content of the meeting nor powerpoint slides used.

 

2009 Shareholder's Meeting

"Major development" still in the works with a large automotive manufacturer for FTV.  $10K royalty/profit per FTV.  GM still in discussions regarding IsoTorque diff in six models (half million rear wheel drive vehicles).  Un-named heavy truck manufacturer interested in inner-axel differential.  IsoTorque standing order supposidly in-house from Nissan but company can't afford to manufacture them until greater economies of scale are realized.  Not to be found in the SEC 8-K filing is that the Ford FTV deal which was the highlight of the 2008 meeting appears now to be dead.

January 2008 Shareholder's Meeting

Management positioned the company's primary technologies as being 'in-play':  It's an unusual use of the term given that the technology has now been  "in play" for the better part of a year.  Ford Motor Company was reported as in  negotiations on the company's Fast Tracked Vehicle (FTV - also known as the Full Terrain Vehicle and referred to at this year's Shareholder Meeting as the "Ford Tracked Vehicle"), General Motors has been reported as in negotiations on the use of the Company's IsoTorque Differential across all its models, Lockheed-Martin in negotiation for utilization of up to 1.3 million the company's CV Joints (CVJ) for pending military use in the Joint Light Tactical Vehicle (JLTV), a California Hybrid Bus manufacturer in negotiation to implement the CVJ in the design of their product. See #msg-26492129 for text and powerpoint files as presented to shareholders on January 28th, 2008. A projected transaction with Nissan for Iso-Torque Differentials has still yet to be announced.   Lockheed Martin was successfully chosen this month as one of three finalist in contention for the military's JLTV contact.  In a recent board survey, 81% of Torvec shareholders believed the company's CV Joint to have been in the Lockheed prototypes.  Recent evidence suggests they were not.  The company says it can't comment due to non-disclosure agreements with Lockheed.

VALUATION #msg-20205087 and #msg-20206084, #msg-8231969 #msg-11828725 #msg-14443213. Developments as of October 2007 led to speculation that the company could be worth in excess of $30 per share but shares have been on a downward trend since January 2007 with the exception of a Dec/Jan blip up due to CEO Update promising the announcement of a "major development" by or at the 2009 Shareholder meeting.  That didn't happen.  A Jim Gleasman valuation model from April 2008 was posted: #msg-29039800. Valuation in this model is north of $150 per share.  Management has been quoted as saying investment will either lead to "the outhouse" or "the penthouse".  Throughout much of 2010, the stock has hit new low after new low, bottoming out at $0.30 during the Summer.  That may change going forward from October 2010 with the announcement of new management.  No new strategic plans have yet been announced.

STATS
Shares Outstanding: As of December 1, 2009:   35,448,646. and has commitments to issue additional common shares upon the exercise of common stock warrants and potential conversions of Class A and Class B Preferred Stock.
Float: About 16M (realistically much lower- probably on the order of 8 to 9M - as many shares rest in supposidly company-friendly hands - see #msg-8069620, )
% Held by Insiders: ~57%   % Held by All Directors:  ~37.89%
...Keith Gleasman, President ,     9,328,273 shares or 23.34% 
...James Gleasman, (deceased)    5,884,013 shares or 15.37%
...Margaret Gleasman, (Vernon Gleasman's Estate, Beneficial Owner.)  2,310,314 shares or 6.5%


Stock Dividend or Stock Splits: Board of Directors and shareholders voted in 2006 to increase the number of authorized common shares by 360,000,000 common shares. As a result of the amendment, the company's certificate of incorporation provides that the company has authority to issue an aggregate 400,000,000 common shares.
Torvec has two wholly owned subsidiaries: IVT Diesel Corp and Iso-Torque Corp. Both are expected to form joint ventures or license TOVC technology to partners.
The company believes its products are production ready:
#msg-23996633

PRINCIPAL INVENTORS: THE GLEASMAN FAMILY
Vernon Gleasman (1912-2004) - responsible for invention of Torsen Differential (1951). See link: http://archive.twst.com/notes/articles/agu606.html
James Gleasman (1946-2010 )

Keith Gleasman (1953- )

PARTNERS AND TECHNOLOGY APPLICATIONS
United States Air Force - interest in development of an Advanced Combat Firefighting Vehicle (AC